Transcorp Power Limited (TPL), a subsidiary of Transnational Corporation Plc (NGX: TRANSCORP) will list 7.5 billion ordinary shares of 50 kobo each at ₦240.00 per share on The Nigerian Exchange on Monday, 4 March 2024.
Also read; List of Dividends announced in 2024, qualification and payment dates
Before performing the Closing Gong Ceremony of the NGX on Monday, the company will provide stockbrokers, investors, analysts, fund managers and capital market correspondents with market information about its financial performance.
The listing of Transcorp Power Limited will be done by introduction, with an expected market valuation of ₦1.8 trillion.
Listing by introduction is a way of listing shares already in issue on another exchange. No marketing arrangement is required as the shares for which listing is sought are already widely held. The listing approval procedures for a new listing by introduction are the same as those for initial public offerings (IPO).
With the listing, Transcorp Power Limited will become the second most valuable power company on the exchange, and will automatically join the ₦1 trillion market capitalization club.
The most valuable power company based on market capitalization is Geregu Power Plc (NGX: GEREGU) with a market cap of ₦2.4 trillion.
Transcorp Power Limited is one of the two power subsidiaries of Transnational Corporation Plc, the other being TransAfam Power Limited.
Transnational Corporation Plc owns 95.0% of Transcorp Power Limited.
About Transcorp Power Limited
In September 2012, during the privatisation of Nigeria’s national power assets, Transcorp Plc won the bid for the Federal Government of Nigeria’s distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant.
The US$300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative. In November 2015, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited was born.
The merger harmonized the management and operations of Transcorp’s power business for greater efficiency.
Transcorp Power Limited is a gas-fired open cycle thermal power plant located in Ughelli, Delta State. It is the largest fossil-fuel-based power-generating station in the country. The plant has an installed capacity of 972 MW and can generate 2,500 GWh of electricity annually.
The Power station was built in four phases and designated as Delta I o Delta IV.
- Delta I which has been decommissioned had an installed capacity of 2X36MW or 72MW from two Stal-Laval gas turbines.
- Delta II has an installed capacity of 150MW from 6 X 25MW Hitachi H-25 gas turbines.
- Delta III has an installed capacity of 150MW from 6 X 25MW Hitachi H-25 gas turbines.
- Delta IV has an installed capacity of 600MW from 6 X 100MW GE frame 9E gas turbines.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
